REG-Global Opportunities Trust Plc: Update on Management Arrangements

Global Opportunities TrustAnnouncement

Yesterday 15:30

From:                                Global Opportunities Trust plc

LEI:                                2138005T5CT5ITZ7ZX58

Date:                                30 December 2025

 


Introduction

 

The Board of Global Opportunities Trust plc (the "                     Company
                   ") has undertaken a detailed review of its regulatory
structure and management arrangements with the Executive Director, Dr Sandy
Nairn. Following this review the Board announces that it has resolved to
transition from operating as a self-managed investment trust under the
small-registered UK alternative investment fund manager ("                    
AIFM                    ") regime and to appoint an external AIFM.

 

The Company will appoint Juniper Partners Limited ("                    
Juniper                    ") as its full-scope AIFM. Juniper is authorised
and regulated by the Financial Conduct Authority and has received the
necessary regulatory approvals to perform the role. Under the new arrangements
Juniper will delegate the portfolio management responsibilities in respect of
the Company to Goodhart Partners LLP ("                     Goodhart          
         "), the Company's existing sub-advisor. The appointment of both
Juniper and Goodhart will take effect from 2 January 2026.

 

There are no proposed changes to the Company's investment objective and policy
or investment approach as part of the transition. However, the change in
regulatory structure will remove certain constraints associated with its
status as a small-registered UK AIFM (including the ability to use gearing).
As such, the Company will have greater flexibility (within the parameters of
its existing investment objective and policy) in the use of derivative
instruments within its portfolio for efficient portfolio management, including
for the purposes of hedging and leverage and it is hoped that this will
support the Company's long term growth strategy. The Board also believes that
the new arrangements will provide enhanced governance and risk management
oversight.

 

Board Composition

 

In connection with the change in management arrangements Dr Nairn will cease
to be a full-time executive of the Company and will resign as a Director of
the Company with effect from 2 January 2026. Dr Nairn will continue to have
day-to-day responsibility for the management of the Company's portfolio as a
member of the Goodhart investment team and will be supported by the wider
Goodhart team and resources. Following the completion of the transition the
Board will comprise of three non-executive Directors and will continue to
review its composition to ensure it remains appropriate for an investment
trust of the Company's size and nature.

 

Appointment of Advisers

 

As noted above, Juniper will be appointed as the Company's AIFM and will
receive an annual management fee of £60,000 per annum, plus a variable rate
of 0.015% of net assets. Juniper will continue to provide company secretarial
and administrative services to the Company following the transition on the
terms of its existing agreement with the Company (and will continue to receive
a separate fee for this).

 

Goodhart currently provides introductory services to the Company in relation
to private market investment opportunities, as well as investment sub-advisory
services to assist Dr Nairn in managing the Company's global listed equities
portfolio. Goodhart will cease to provide the investment sub-advisory services
and will instead provide the portfolio management functions to be delegated by
Juniper. These services will include the introductory services provided under
the current arrangement. The fee payable to Goodhart under the new
arrangements in respect of portfolio management services which it will provide
to the Company will be 0.50% of the Company's net assets per annum. Goodhart
will also continue to receive a fee of £30,000 per annum for its marketing
services.

 

As Juniper is a full scope AIFM, the Company will also be required to appoint
a depositary, and it has been agreed that JPMorgan Europe Limited will perform
this role going forward. JPMorgan Chase Bank N.A. already acts as custodian to
the Company and there will be no change to these arrangements.

 

Ongoing Charges

 

As a result of the changes referred to above (including the new fee
arrangements), the Board estimates that the Company's Ongoing Charges will be
approximately 1.11% per annum (based on the Company's net asset value as at 28
November 2025) going forward.

 

Dr Sandy Nairn, Executive Director, commented:                      "Since the
introduction of the Company's expanded investment policy approved by
shareholders in December 2021 the investment returns have benefitted from the
assistance of the team at Goodhart.                                          
                     In the current environment the need to access a wider
range of hedging tools for efficient portfolio management purposes has become
increasingly important. The appointment of an external AIFM combined with the
additional expertise at Goodhart is an important step in allowing the Company
to continue to execute against the strategy.                                 
                              I look forward to continuing my association with
the Global Opportunities Trust."

 

Cahal Dowds, Chairman, commented:                      "The Directors believe
that the ability to utilise derivative instruments will allow the Company's
investment manager greater flexibility to manage the portfolio to meet the
challenges of investment market conditions in pursuit of the investment
objective. The Board looks forward to continuing to work closely with Dr Nairn
and the team at Goodhart as well as with Juniper as the Company's AIFM."

 

 

Related party transaction

 

Goodhart Partners LLP is deemed to be a related party of the Company by virtue
of providing investment advisory services to the Company.

 

Entry into the arrangements described above is a relevant related party
transaction which falls within UKLR 8.2.1R (as modified by UKLR 11.5.4R). The
Independent Directors, having been so advised by Cavendish Capital Markets
Limited, consider that the related party transaction is fair and reasonable as
far as shareholders are concerned.                      In providing its
advice to the Independent Directors, Cavendish Capital Markets Limited has
taken into account the Independent Directors' commercial assessment of the
related party transaction.

 

For further information, please contact:

Juniper Partners Limited, Company Secretary                        0131 378
0500

Robert Peel, Cavendish Capital Markets Limited, Sponsor                    
   020 7220 0500

This announcement contains inside information for the purposes of Article 7 of
the UK version of Market Abuse Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018 and as
amended ("                                           MAR                      
                   "), and is disclosed in accordance with the Company's
obligations under Article 17 of MAR.

 



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